Numerous information resources, including several high-traffic casino portals, state that 5 Lions Megaways offers 117,649 ways to win. That figure is the standard ceiling for a baseline Megaways implementation on a 6x7 grid (7⁶ = 117,649), and it gets copied across reviews without verification.
Pragmatic Play, however, added a horizontal reel above reels 2, 3, 4 and 5, which extends the height of the four central columns to 8 symbol positions. With the grid fully expanded, the calculation becomes:
7 × 8 × 8 × 8 × 8 × 7 = 200,704 active ways to win.
One further nuance worth flagging. Some competing pages list "5 reels" for this game (it has 6), or quote 117,649 paylines while simultaneously giving the correct 5,000x cap. That internal contradiction is a tell-tale sign of copy-paste sourcing. Open the in-game technical help screen (the "i" button) in your specific casino build and confirm the reel structure, ways-to-win ceiling and active RTP yourself.